IMPORTANT REMINDER
July 1st, SQ paperwork submission through TransactionDesk will become mandatory.
Visit https://www.sqcentral.ca/transactiondesk for an overview as well as job aids.
If you have any questions please reach out to info@suttonquantum.com.
Mortgage Update:
As many of us are aware, the Bank of Canada increased its target for the overnight rate to 4.75% on June 7th. This increase was widely expected by economists and forecasters, as the Bank highlighted their goals to balance supply & demand and return inflation sustainability to their 2% target. Majority of clients with a variable rate would have seen an increase to their rate/mortgage payments, as Prime Rate increased from 6.70% to 6.95%
We are continuing to recommend shorter fixed term solutions to clients in the 1-3 year range. We have also seen an increase in the use of Credit Union partners, given their ability to qualify an application at contract rate, effectively avoiding the stress test. Credit Unions are still offering competitive rates that remain in line with majority of other financial institutions. Feel free to reach out if you have an application you would like to discuss in more detail or simply obtain a second opinion.
Tyler Lipinski, Mortgage Agent Level 2 | 647.868.1427 | tyler@vinegroup.ca
SQ'S MAY TOP 10s
TOP NUMBER OF UNITS SOLD | TOP $ GROSS VOLUME SALES |
Chile Paul | Rosemarie Wallace |
Rosemarie Wallace | Ghassan Saeed |
Adrienne Mendes Da Costa | Chile Paul |
Ghassan Saeed | Lauren Zylik |
Randy Bergie | Randy Bergie |
The Parsons Group | Heather Bartlett |
Deepika Gupta | The Parsons Group |
Heather Bartlett | Zezza Collia Realty |
Rahul Malik | Kate Czaplinska |
Marilyn Duarte | Sanaa Hasbani |
Congratulations on making the Top 10 for
Sutton Quantum during the month of May!
Disclaimer: The above Top 10 information is internal data distributed to Sutton Quantum Agents only.
Please do not disclose the names of Sutton Quantum agents or their place on any Top Ten lists to outside agents, clients or on any public forum.
MARKET WATCH
AVERAGE PRICE COMPARISON
MISSISSAUGA DETACHED HOMES
 | Month to Month Comparison: May Average Price $1,620,829 vs April Average Price $1,567,031 |
|---|
MISSISSAUGA CONDO/APARTMENT
 | Month to Month Comparison:
May Average Price $635,856
vs April Average Price $655,660 |
OAKVILLE DETACHED HOMES
 | Month to Month Comparison:
May Average Price $2,079,084 vs April Average Price $2,023,532 |
OAKVILLE CONDO/APARTMENT
 | Month to Month Comparison:
May Average Price $798,507 vs April Average Price $736,516 |
MARKET WATCH OVERVIEW
TORONTO, ONTARIO, May 3, 2023 – The Greater Toronto Area (GTA) housing market continued to tighten in April 2023. On a year-over-year basis, sales edged lower compared to April 2022, but new listings were down by more than one-third. Fewer listings relative to sales meant there was more competition between buyers, supporting an improvement in selling prices since the beginning of this year.
“In line with TRREB’s outlook and recent consumer polling results, we are seeing a gradual improvement in sales and average selling price. Many buyers have come to terms with higher borrowing costs and are taking advantage of lower selling prices compared to this time last year. The issue moving forward will not be the demand for ownership housing, but rather the ability to meet this demand with adequate supply. This is a policy issue that requires sustained effort from all levels of government,” said TRREB President Paul Baron.
Download Market Watch Reports
TREB Market Watch | OMDREB Market Watch | RAHB Market Watch |
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